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Major shipping line MSC in temporary pull out from SL

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By Hiran H.Senewiratne 

CSE activities were sluggish and flat yesterday due to the absence of positive things to drive the market owing to the Covid 19 pandemic situation, market observers said.

It is said that major shipping line MSC had decided to temporarily pull  out of Sri Lanka due to a long delay in Colombo port handling operations. As per Customs statistics, earnings from merchandise exports recorded a negative growth of 14.9 percent  in October 2020 down to US $ 831.72 million as compared to $ 977.3 million a year earlier. This has  created a lull in the market, stock market analysts said. 

MSC will go to Dubai and Singapore ports thus diverting revenue from Colombo port. At present a huge backlog is prevalent in the port, market analysts said.  

Consequently, both CSE indices evinced mixed reactions. The All Share Price Index went down by 1.37 points and S and P SL20 rose by 11.26 points. Turnover stood at Rs. 1.39 billion with four crossings. 

Those crossings were reported in Sampath Bank, where 560,000 shares crossed for Rs. 69.7 million, per share value being Rs. 124.50, CTC 69,500 shares crossed for Rs. 67.8 million, a share trading at Rs. 960, Renuka Hotel 462,000 shares crossed for Rs. 30 million, its per share value being Rs. 65 and Aitken Spence 500,000 shares crossed for Rs. 23.3 million with its shares trading at Rs. 46.50.

In the retail market, top five contributors to the turnover were; Expolanka Rs. 160 million ( 6.2 million shares traded), Hemas Hotel Rs. 132 million (1.7 million shares traded), Dipped Products Rs. 87.5 million (270,000 shares traded), Sampath Bank Rs. 60.8 million (488,000 shares traded) and Tokyo (Non Voting) Rs. 56.5 million  (1.08 million shares traded). During the day 58.4 million share volumes changed hands in 15785 transactions. 

Sri Lanka rupee quoted weaker at 184.90/185.15 to the US dollar in the spot market on Monday, while gilt yields were flat in dull market trade, dealers said. The rupee closed at 184.75/80 to the US dollar on Friday.

 

 



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Business

Lotus Tyres celebrates success with luxurious retreat for top performing dealers

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Lotus Tyres dealers and families

Samson Rubber Industries Pvt. Ltd recently arranged a luxurious retreat at a star-class hotel to express gratitude to Lotus Tyres dealers and their families. The dealers and their family members enjoyed two days of relaxation and fun at Hotel RIU – Ahungalle, creating lasting memories together. Lotus Tyres, which previously organised a similar programme at the RIU Hotel, received high praise from Tyre Dealers for organising another successful event. Winners of the sales promotion programme organised for dealers who met their sales targets last year (2023), were rewarded with this special opportunity. The event was attended by the management of Samson Rubber Industries, along with the sales and marketing team of Lotus Tyres.

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ComBank donates milestone 300th IT Lab to Nalanda Boys School Minuwangoda

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Commercial Bank Chairman Sharhan Muhseen, Deputy Chairman Raja Senanayake and Managing Director/CEO Mr Sanath Manatunge at the formal opening of the 300th IT Lab donated by the Bank.

Commercial Bank of Ceylon’s nationally-significant campaign to boost digital literacy in Sri Lanka has reached an impactful milestone with the completion of the 300th IT Lab donation by the Bank.

Commercial Bank Chairman Sharhan Muhseen, Deputy Chairman Raja Senanayake, Managing Director Sanath Manatunge, Chief Financial Officer Nandika Buddhipala and Deputy General Manager Retail Banking & Marketing Hasrath Munasinghe, who are Trustees of the Bank’s Corporate Social Responsibility Trust, led the Bank’s representation at the beneficiary school – Nalanda Boys Central College, Minuwangoda, at this event.

Every IT lab donated by the Commercial Bank is equipped with new computers and accessories, and furniture, and is maintained and upgraded by the Bank periodically to ensure that the labs are used by multiple batches of students over many years. The Bank estimates that the IT labs it has donated to schools have already benefitted more than 300,000 students.

Funded as a flagship corporate social responsibility initiative of its CSR Trust, Commercial Bank’s IT education programme is aligned with the country’s Sustainable Development Goals, one of which is to ensure inclusive and equitable quality education and promote lifelong learning opportunities for everyone.

In 2023, the Bank launched a new project to promote science education in 50 schools in collaboration with the National Science Foundation (NSF) and the Science Branch of the Ministry of Education. The project is one of a series of initiatives supported by the Bank to take science, technology, engineering, and mathematics (STEM) education to schools across the country.

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Eco Tablet launches latest vehicle-care products

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Media Coordinator of Eco Tablet Rangila Dasanayaka at the launching event

Eco Tablet has launched their latest products, Glass Reborn and Glass Cleaner Rain Drop, which clean all the glass and side mirrors of vehicles and give them a brighter and transparent look. Their latest product, Glass Reborn removes dust particles, acid rain stains and minor scratches from front and rear windshields, door and quarter glasses and side mirrors, giving them a brand new and clear look. It can be used for glasses and side mirrors of vehicles manufactured in any part of the world such as Japan, Europe, India, Korea, the United States of America and China. After shaking the Glass Reborn bottle, a few drops of it should be applied on the glasses and mirrors and rubbed well to remove stains. It should later be wiped with a microfiber or clean piece of cloth. A 130 millilitre-bottle of Glass Reborn can be used for more than five small cars.

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